Whereas the web feud between Elon Musk and President Donald Trump appeared to drive visitors to Musk’s social media platform X (previously Twitter), it might additionally create points for the platform’s mother or father firm xAI.
Musk merged X and xAI earlier this 12 months, with Bloomberg reporting this week that he was seeking to elevate $5 billion in debt (in addition to a reported $300 million in a secondary sale) to fund the mixed firm.
That’s led to some awkward moments as Musk’s relationship together with his former ally Trump appeared to disintegrate. In actual fact, The Wall Road Journal reviews that on Thursday afternoon, Morgan Stanley had gathered xAI executives to pitch potential buyers as Musk and Trump had been posting angrily about one another on their respective social networks.
Morgan Stanley had reportedly hoped to promote the debt at round 100 cents on the greenback, however a dealer instructed the WSJ it was buying and selling at 95 cents on the greenback at occasions on Thursday. Traders additionally reportedly mentioned that as a consequence of declining costs, Morgan Stanley might have to supply further incentives, resembling an elevated rate of interest.
